The Professional Who Is Asked to Step Up into Management

question 2

Multiple Choice

The professional who is asked to step up into management within the profession ________________.

• A) has been thoroughly schooled in management processes as part of his or her professional education
• B) is in effect being asked to take on a second occupation
• C) should have little difficulty doing so because management is easier than most of the professions
• D) will be provided with a thorough grounding in management processes within the organization

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Definitions:

Price Elastic

Describes how sensitive the demand for a good is to changes in its price; highly elastic demand means consumers will significantly reduce buying with small price increases.

Price Inelastic

Describes a situation where the demand for a good is not very responsive to price changes, meaning consumers buy roughly the same amount regardless of price fluctuations.

Necessity

An essential good or service required for basic survival or societal functioning.

Elastic Demand

describes a market situation where the demand for a product significantly changes in response to changes in its price.